We recommend you choose your most billed E&M CPT Codes, then your higher paying CPT Codes. Run a Detailed CPT Reimbursement Report. This report will show you exactly how many times a given CPT code was billed within the Report Date Criteria specified. What the payments and adjustments were for the code and, most importantly, if it was written off.
A healthy aging report will take a back seat to a CPT Reimbursement Report that shows too many code write offs.
When the code is written off it drops off the Aging Report creating the illusion that all claims are getting paid and in a timely manner.
TAKE THE TEST...
On your Practice Management Software, run a Primary & Secondary Insurance Aging Report. These reports will show you how long it’s taking for your claims to be paid—30, 60, 90, 120, or more days. The best way to gauge the productivity of your billing is by checking to see what your accounts receivable is over 120 days. A Healthy, Productive Aging Report should look like this...
31 - 60 DAYS 10%-12%
61-90 DAYS 6%-7%
91-120 DAYS 4%-5%
120+ UNDER 5%
Odds are you are shocked and dismayed by the reports.
Even if the numbers "Aren't too bad", part two of "The Test" will give you an even tighter picture of your Practice...
TIME FOR A CHANGE?